HYPE in the Assistance Fund system address of 0xfefefefefefefefefefefefefefefefefefefefe has been formally recognized as burned. The governance vote was based on stake-weighted consensus, with 85% of stake voting for burning, 7% against, and 8% abstaining.

The Hyper Foundation is proposing a validator vote to formally recognize the Assistance Fund HYPE as burned, removing the tokens permanently from the circulating and total supply. For context, the Assistance Fund converts trading fees to HYPE in a fully automated manner as part of the L1 execution. The Assistance Fund uses the system address 0xfefefefefefefefefefefefefefefefefefefefe. Similar to the zero address, the Assistance Fund system address has never had a private key with control over its funds. Funds are mathematically irretrievable without a hard fork. By voting “Yes,” validators agree to treat the Assistance Fund HYPE as burned. No onchain action is required, as the tokens are already in a system address with no private key. This vote is binding social consensus to never authorize a protocol upgrade to access this address. Voting process: + Validators should signal their intent in the governance forum by December 21 at 04:00 UTC (i.e., reply with Yes or No) + Users can stake to a validator who matches their view by December 24 at 04:00 UTC + The result will be based on stake-weighted consensus as of December 24 at 04:00 UTC

Hypurr NFTs have been deployed on the HyperEVM. Participants had the opportunity to opt in to receive a Hypurr NFT after the HyperEVM went live as part of the Genesis Event in November 2024. The HyperEVM launched in February 2025 as the general programmability interface to the Hyperliquid L1. The HyperEVM is not a standalone EVM. Rather, it allows developers to trustlessly tap into the liquidity on HyperCore. Read precompiles allow smart contracts on the HyperEVM to read L1 state, and the CoreWriter contract allows HyperEVM smart contracts to send actions on HyperCore. This two-way communication between Core and EVM secured by the same HyperBFT consensus protocol unlocks powerful new primitives. Many novel applications have been built on the HyperEVM exploring these possibilities, including LSTs, lending, and vault tokenization protocols. The goal of the Hypurr NFT collection was to share a memento with those who believed in and contributed early on to Hyperliquid’s growth. Each NFT is unique and captures the different moods, hobbies, tastes, and quirks of the Hyperliquid community, as depicted by Hypurr. There are a total of 4,600 NFTs in the collection. 4,313 NFTs went to Genesis Event participants, 144 went to the Hyper Foundation, and 143 went to core contributors, including Hyperliquid Labs, NFT artists, and other contributors. Ownership and use of Hypurr NFTs are subject to the Hypurr NFT Terms and License available here: Participants who opted in to receive a Hypurr NFT as part of the Genesis Event were screened according to the Foundation's risk-based program. In addition, clustering analysis was conducted to protect against sybil behavior and cap the total number of NFTs received by any given user. Contract address: 0x9125E2d6827a00B0F8330D6ef7BEF07730Bac685. To be clear: No action is required. You do not need to mint. The NFT collection has already been distributed. As always, beware of scams and impersonations.

Over the past week, the community engaged with teams’ proposals for the USDH ticker for a Hyperliquid-first, Hyperliquid-aligned, compliant, and natively minted USD stablecoin. While USDH is no more than a reserved ticker at the protocol level, it has come to represent a community rallying around a common cause and a successful experiment in decentralized governance. Thoughtful dialogue, proposal iteration based on user feedback, and community stewardship are values that will continue to drive Hyperliquid forward. Regardless of the vote’s result, it will be exciting to see many of these proposals go live and contribute to growing the Hyperliquid ecosystem. Thank you to all participants who dedicated their precious time to be a part of this governance process. Each validator has stated their intended vote and reasoning in the Discord governance forum. Voting will begin on September 14 at 10:00 UTC, and stakers have until then to stake to a validator who matches their vote. There are 2 steps to change the validator you stake to: 1) Unstake from the validator and 2) Stake to a new validator who matches your vote. There is a 1-day cooldown after staking to a new validator before you can unstake from them. Important: Do not transfer HYPE from your staking balance to spot balance - this removes HYPE from your staking balance, and you will then be unable to participate in the vote. Voting is fully onchain through a transaction on the Hyperliquid blockchain and based on stake. When quorum (2/3) is reached, the designated address will be able to bid on the ticker in the spot deploy gas auction. As a reminder, the Foundation validators will effectively abstain by voting for the team with the most non-Foundation votes based on validator commitments made on September 11 weighted by stake on September 14.

The validator set has been updated to 21 permissionless nodes. Anyone can register a validator, and the 21 largest by stake form the active set. Delegations from the Delegation Program are expected to go live in the coming days. Technical details for validators: Validators are encouraged to carefully understand the technology and familiarise themselves with testnet before proceeding with mainnet. Note that the self-delegation of 10k HYPE is locked by the protocol for one year. This lockup applies even if a validator is not part of the active set and should be carefully considered before committing the stake. It is strongly recommended to review and apply for the Delegation Program before running a mainnet validator:

The mainnet validator set will become fully permissionless after the next network upgrade. Like on testnet, the top N validators by stake will form the active set. Initially, N will be set to 20 and will increase over time. In addition, the Delegation Program is live. The Delegation Program is designed to enhance network security and decentralisation and support validators committed to the growth of the Hyperliquid ecosystem. Technical details for validators: Validators are encouraged to carefully understand the technology and familiarise themselves with testnet before proceeding with mainnet. Note that the self-delegation of 10k HYPE is locked by the protocol for one year. This lockup applies even if a validator is not part of the active set, and should be carefully considered before committing the stake. It is strongly recommended to review and apply for the Delegation Program before running a mainnet validator:

The HyperEVM is live. This is a major step toward the vision of housing all finance by bringing general-purpose programmability to Hyperliquid’s performant financial system. The initial mainnet release of the HyperEVM includes: 1. HyperEVM blocks built as part of L1 execution, inheriting all security from HyperBFT consensus. 2. Spot transfers between native spot HYPE and HyperEVM HYPE. As a reminder, HYPE is the native gas token on the HyperEVM. 3. A canonical WHYPE system contract deployed at 0x555...5 for defi applications. The source code can be found at Effective immediately, the bug bounty program will pay mainnet bounty amounts for reports within the scope of the points above. See for details. For API and wallet users: the mainnet HyperEVM has chain ID 999. A JSON-RPC server for the mainnet HyperEVM is hosted at Node operators and other builders are encouraged to host their own RPC servers. Tooling and analytics around mainnet HyperEVM may not be polished on day one. However, there are many talented builders working to solve these developer pain points. To help with these efforts, raw HyperEVM block data is streamed realtime to S3 so that running a node is not required to index the HyperEVM. More technical details can be found here: General ERC20 native transfers and precompiles will be enabled on a future network upgrade. Any ongoing feedback for these features on testnet is greatly appreciated. While these features are implemented on testnet, the mainnet releases are staggered for minimal disruption to existing users on the L1. The HyperEVM is composable with the L1 state while not affecting the low latency trading experience of existing users. Thank you to all the builders and users who have shared feedback on testnet so far. It will be exciting to see new applications leveraging and building upon the existing onchain financial system of Hyperliquid.

Staking is now live on mainnet. Staking is an important milestone for Hyperliquid because it allows the diverse community of HYPE stakers to collectively secure the network. Like other proof of stake networks, new blocks on Hyperliquid are proposed by validators in proportion to the HYPE staked to them. Staking is a serious responsibility for the Hyperliquid community. Users can stake HYPE to a trusted validator and earn staking rewards in HYPE. Users may consider different metrics when choosing which validators to stake to, such as uptime, commission, reputation, and community contributions. The Hyper Foundation will have a Delegation Program to support high-performing validators and further decentralise the network. More information about the program will be announced. Note that locked tokens may be staked, but their rewards are locked.

The genesis event for HYPE will occur at 07:30 UTC on November 29. Hyperliquid has grown to include the largest decentralised exchange by volume, open interest, and active users. Liquidity rivals the top centralised exchanges. The user experience bridges the seamless trading on CEXs with the self-custodial ideals of a fully onchain DEX. Hyperliquid represents the ethos of crypto and decentralised finance, with the technical innovations needed to bring all finance onchain without sacrifices. While Hyperliquid has come a long way, there is much further to go. Over the past year, the scope of Hyperliquid has expanded from a DEX to a full financial system. 1. At its base, Hyperliquid is a performant, modern L1. Powered by HyperBFT, a highly optimised proof of stake consensus algorithm, disparate nodes can achieve consensus at 200k transactions per second with ~0.2 second time to finality. As the native token, HYPE will be the staked asset securing HyperBFT. 2. The perpetuals and spot DEX are examples of native components built into Hyperliquid. These components are optimised high-throughput financial primitives with which users and smart contracts can interact. For example, HYPE/USDC will be traded on the native spot order book. 3. The HyperEVM will bring full programmability to native components and general-purpose onchain state alike. HYPE will be the gas token of the HyperEVM. 4. The community includes an ever-growing set of passionate and talented builders. Hyperliquid will serve as the infrastructure layer for the next generation of trustless and performant finance built by the community. Unlike other chains, Hyperliquid features onchain monetization for user applications that is built directly into the protocol. As the native asset of the protocol, HYPE will be a crucial building block for defi applications. The HYPE genesis event marks a key milestone in the journey, unlocking core functionality at every level of the stack. For more information, see the blog post:

IMPORTANT NOTICE for users who recently started using the Hyperliquid L1 and those who previously missed out: You can review and accept the Genesis Event Terms & Conditions until 23:59 UTC on November 28. Visit

As a reminder, the deadline to review and accept the Genesis Event Terms is November 11 at 23:59 UTC. Note that the set of users eligible to participate in the genesis distribution has been increased to reflect the latest onchain data. Confirm your participation at

The Hyper Foundation has been established to support the growth of the Hyperliquid blockchain and ecosystem. Today, the flagship application on Hyperliquid is the premier decentralised exchange, part of the foundation for a new financial system. Hyperliquid's order books already provide the deepest and most robust onchain liquidity for a wide spectrum of assets. With the launch of the HyperEVM, any application built on Hyperliquid will also have access to this deep liquidity and other native financial primitives. For the first time, finance will be performant, liquid, and accessible. The next step of Hyperliquid's journey is the native token, HYPE. A native token is essential for the HyperBFT proof-of-stake consensus, the HyperEVM, and further developments on the roadmap. As part of the genesis distribution, eligible users can choose to receive HYPE and optionally a Hypurr NFT to commemorate the upcoming launch of the HyperEVM on mainnet. Users must review and accept the Genesis Event Terms on before November 11, 2024 23:59 UTC to participate. Further information about HYPE and the Genesis Event will be shared at a later date.